The multinational and global accounting firm KPMG has recently partnered with the software firms TOMIA, Microsoft and R3 to develop a blockchain for telecom settlements. Known as one of the “big four” accounting firms in our altcoin news, KPMG has pursued the industry specific blockchain pilots in the past and has always had an eye for settling cross border or network complexities.
The latest partnership of the global accounting firm with two distributed industry leaders, one of which is Microsoft and the other is R3 – is featured and continues to be the vein of resolving the issues that arise from multi-party connections. More specifically, KPMG is looking to address the hard data issues that will arise from the 5G connectivity.
As many best cryptocurrency news sites noted, the global accounting firm said tha “international mobile data roaming revenues are expected to reach $31 billion in 2022, with an average annual growth rate of eight percent.”
The Blockchain Leader at KMPG, Arun Ghosh, also addressed the following in a blog post:
“While we will be able to consume more data more quickly and across more locations than ever before in this next wave of telecom advancement, it is becoming increasingly complex for telecom companies to track and settle interchange fees.”
The blockchain being piloted by KMPG, Microsoft and R3 is definitely a hot topic and aims to reduce the future costs, number of disputes and time involved in telecom settlements caused by “billions of mobile interactions flow[ing] through hundreds of connected networks managed by dozens of customers and suppliers.”
However, it is not just future costs that the business partnership wants to solve. On the table are also current inefficiencies in the markets such as settlements and reconciliations which are currently handled manually and can take a month to be completed, Ghosh said.
Currently, he said, a huge amount of data is generated around mobile devices. However, it goes a long way to know the conditions of a user’s contract and their billing information – which must be authenticated by at least two parties if cross-service operations occur.
Before the blockchain initiative, the global accounting firm KMPG had advised telecom operators on capital-efficient deployment of 5G networks, cyber security, privacy and data protection – all of which was featured in our coming altcoin news.
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